A former vice president at Citigroup was charged with bank fraud on Monday for allegedly embezzling more than $19 million from the company’s accounts. Between May 2009 and December 2010, Garry Foster allegedly transferred $19.2 million from Citigroup accounts to his own personal bank account at Chase.
Foster, 35, was arrested Sunday at John F Kennedy International Airport on a flight arriving from Bangkok, prosecutors said. He is scheduled to make his initial appearance Monday afternoon in Brooklyn federal court, where he will plead not guilty to the charges, according to his attorney, Isabelle Kirshner.
Ex-Citigroup VP accused of stealing $19 million. Reuters
Foster put fake contract and deal account numbers in the wire-transfer instructions to make them seem like they were supporting an existing contract, before diverting them to his own accounts, prosecutors alleged.
“The defendant allegedly used his knowledge of bank operations to commit the ultimate inside job,” said U.S. Attorney Loretta Lynch.
Reuters